QMFNX vs. SHRIX

Last updated Jun 23, 2026

QMFNX (AQR MS Fusion Fund Class N) and SHRIX (Stone Ridge High Yield Reinsurance Risk Premium Fund Class I) are both Multistrategy funds. Both are actively managed. At a 0.17 correlation, their price movements are largely independent. QMFNX charges 3.80%/yr vs 1.76%/yr for SHRIX.

Performance

QMFNX vs. SHRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR MS Fusion Fund Class N (QMFNX) and Stone Ridge High Yield Reinsurance Risk Premium Fund Class I (SHRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QMFNX achieves a 8.20% return, which is significantly higher than SHRIX's 1.80% return.

QMFNX

• 1D: 0.73%
• 1M: 0.57%
• YTD: 8.20%
• 6M: 7.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHRIX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 1.80%
• 6M: 2.02%
• 1Y: 12.17%
• 3Y*: 13.13%
• 5Y*: 9.10%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

QMFNX vs. SHRIX - Yearly Performance Comparison

	2026 (YTD)	2025
QMFNX AQR MS Fusion Fund Class N	8.20%	3.54%
SHRIX Stone Ridge High Yield Reinsurance Risk Premium Fund Class I	1.80%	1.81%

Correlation

The correlation between QMFNX and SHRIX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.17

Return for Risk

QMFNX vs. SHRIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QMFNX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SHRIX

SHRIX Risk / Return Rank: 98
SHRIX Sharpe Ratio Rank: 100
SHRIX Sortino Ratio Rank: 98
SHRIX Omega Ratio Rank: 100
SHRIX Calmar Ratio Rank: 97
SHRIX Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QMFNX vs. SHRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR MS Fusion Fund Class N (QMFNX) and Stone Ridge High Yield Reinsurance Risk Premium Fund Class I (SHRIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QMFNX	SHRIX	Difference
Sharpe ratio: Return per unit of total volatility	—	5.19	—
Sortino ratio: Return per unit of downside risk	—	6.00	—
Omega ratio: Gain probability vs. loss probability	—	4.97	—
Calmar ratio: Return relative to maximum drawdown	—	6.53	—
Martin ratio: Return relative to average drawdown	—	22.69	—

Drawdowns

QMFNX vs. SHRIX - Drawdown Comparison

The maximum QMFNX drawdown since its inception was -10.37%, smaller than the maximum SHRIX drawdown of -14.34%. Use the drawdown chart below to compare losses from any high point for QMFNX and SHRIX.

Drawdown Indicators

	QMFNX	SHRIX	Difference
Max Drawdown Largest peak-to-trough decline	-10.37%	-14.34%	+3.97%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.87%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.69%	—
Current Drawdown Current decline from peak	-2.90%	-0.11%	-2.79%
Average Drawdown Average peak-to-trough decline	-2.31%	-2.05%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.54%	—

Volatility

Volatility by Period

	QMFNX	SHRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.99%	2.36%	+12.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.99%	6.26%	+8.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	6.28%	+8.71%

QMFNX vs. SHRIX - Expense Ratio Comparison

QMFNX has a 3.80% expense ratio, which is higher than SHRIX's 1.76% expense ratio.

Dividends

QMFNX vs. SHRIX - Dividend Comparison

QMFNX's dividend yield for the trailing twelve months is around 0.35%, less than SHRIX's 8.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QMFNX AQR MS Fusion Fund Class N	0.35%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SHRIX Stone Ridge High Yield Reinsurance Risk Premium Fund Class I	8.40%	10.92%	14.34%	12.34%	3.89%	4.61%	6.34%	5.06%	5.09%	0.35%

Frequently Asked Questions

Can I hold both QMFNX and SHRIX in my portfolio?

QMFNX and SHRIX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.